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• GBP/ NZD traded in tight rage on Tuesday as market lacked momentum as investors adopted a cautious stance ahead key data from both Europe and the United States .
• GBP/ NZD has run out of steam after hitting daily high at 2.0610, but the pair is holding onto bull territory .
• A close above 23.6% fib resistance will likely trigger a new bullish phase with potential for 2.0700.
• Immediate resistance is located at 2.0627 (23.6%fib), any close above will push the pair towards 2.0670 (Feb 16th).
• Immediate support is seen at 2.0521 (38.2%fib) and break below could take the pair towards 2.0436 (50%fib).
Recommendation: Good buy around 2.0530, with stop loss of 2.0450 and target price of 2.0650
